On 30 April 2025, the Government officially promulgated Decree 94/2025/ND-CP, stipulating the sandbox mechanism in the banking sector (Decree 94). This marks a significant milestone for financial innovation in Vietnam, allowing licensed banks and financial technology (Fintech) entities to pilot emerging technologies under the supervision of the State Bank of Vietnam (SBV). Decree 94 outlines the scope, procedures, and regulatory framework for testing new financial services within a controlled environment before broader market deployment. Decree 94 comprises 26 Articles divided into 5 Chapters, with 12 accompanying procedural document templates, and is set to take effect on 01 July 2025.
In this legal update, we will outline key contents of Decree 94, which sets out the principles, requirements, and procedures of the sandbox mechanism (Sandbox) in the banking sector that Fintech companies should stay alert on.
Hoang Le Hang
Business Development Manager
Tel: +84 24 3971 0888
Email: hang.hoang@lexcommvn.com
